market segment

Market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs and this is also a the process of dividing a market into meaningful groups that are relatively similar and identifiable .The purpose of segmentation is to enable the marketer to tailor the marketing mixes to meet the needs of one or more specific segments. Market segmentation helps the firm to identify the customers’ needs more accurately and precisely, and it can upgrade the performance of the firms. Marketing objective is more definitely defined and resources are better allocated by doing segmentation.

Target market is a set of buyers sharing common needs or characteristics that the company decides to serve .This is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix to fit the needs of that group or groups, resulting in mutually satisfying exchange. Then steps of the target marketing is dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes. The company identifies different ways to segment the market and develops profiles of the resulting marketing segments. Evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter is the second step. Differentiating the firm’s market offering to create superior customer value is the next step.
Lastly is setting the competitive positioning for the product and creating a detailed marketing mix. Havaianas is targeting all demographical segments on chosen geographical areas of international expansion, covering broad categories of people that express a joyful way of life, vibrant attitude, with colourful and bold tendencies towards life, including high-earners, professionals, but also people with low income.

Psychographic segmentation is the process of dividing the market based on